WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) today chaired the Small Business and Entrepreneurship Committee’s hearing on the Small Business Administration’s (SBA) lending for COVID-19 assistance loan programs and outlined ways these programs can be used. The economic impact of bad actors and federal spending cuts has reached inflation and Iowa’s small businesses. Ernst pressed the SBA on the volume of fraudulent loans issued, efforts to recover these funds, and how to work with the agency to prevent this from happening again in the future.
Click over here Or the image above for Senator Ernst’s full opinion.
“We now know that fraudsters have bilked the SBA of millions and millions of dollars in fraudulent loans from this program.” Senator Ernst said during the hearing. To date, SBA has not initiated an investigation into this matter or made any efforts to recover the ineligible funds.
Ernest continued: “Maintaining the integrity of capital access programs designed to support small businesses is critical. Actors are accountable.”